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Our
construction loan programs can be tailored to
your specific needs. Below is some information
to help get you started. To get started immediately
click here for our on-line application.
Borrowers
will need a construction loan if they intend to
purchase a home in a new development or if they
are building a custom home. Construction loans
are necessary because of the longer time frame
and special requirements of the building process.
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Many
mortgage lenders offer borrowers One Time Close
construction loans. This type of construction
loan will finance the construction of a primary
or secondary residence and the permanent loan
when construction is finished. A One Time Close
construction loan requires borrowers to sign only
one set of documents and allows borrowers to lock
in a rate for the permanent loan at this time.
This type of home loan will allow for 12 months
of construction time and during the construction
period, interest is charged only on the funds
that have been disbursed.
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There
a few documents and qualifications that borrowers
will need to have when they begin the application
process for a construction loan. Some of the qualifications
mortgage lenders will require are a minimum credit
score of 620 and sufficient liquid assets. The
documents construction lenders will ask for include
a building department permit and many require
that construction be completed within 12 months.
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